PPHE Hotel Group Acquires 50% Stake In Chelsea Office For $14.8M

The office property located at 538-542 West 29th Street in Chelsea has been sold in a closed transaction. The property has a total square footage of 74,000 and was sold for a price of $14,800,000, representing a 50% stake in the property. The price per square foot for the transaction was $200. The buyer of the property is PPHE Hotel Group, while the sellers are Nissim Ben-Nun and Nicholas Werner of Largo.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $14,800,000 (50% stake)
• Address: 538-542 West 29th Street
• Market: Chelsea
• Total Square Footage: 74,000
• Price per Square Foot: $200
• Buyer: PPHE Hotel Group
• Seller: Nissim Ben-Nun & Nicholas Werner – Largo

In this transaction, PPHE Hotel Group acquired a 50% stake in the office property located at 538-542 West 29th Street in Chelsea. The property encompasses a total square footage of 74,000 and was sold for a total price of $14,800,000, resulting in a price per square foot of $200. The sellers of the property were Nissim Ben-Nun and Nicholas Werner, who were represented by Largo in the deal.